Latest news with #NaguibSawiris
Egypt Independent
7 days ago
- Business
- Egypt Independent
Pyramids set for world-class transformation with new Sound & Light Show: Naguib Sawiris
Naguib Sawiris, Chairman of Orascom Investment Holding, announced via his official X (formerly Twitter) account that a new Sound & Light Show, befitting Egypt's grandeur, will soon be organized at the Pyramids archaeological area. His statement came after attending the existing Sound & Light presentation. This development follows the Chamber of Tourism Companies and Travel Agencies' announcement on Wednesday, that the current Sound & Light Shows at the Pyramids area have resumed and will continue until Sunday, July 20. A single show is being held daily at 8:30 PM in English. Commercial International Bank (CIB) has approved a medium-term loan of LE 963 million to finance the creation and development of the new Sound & Light Shows and their dedicated presentation area at the Pyramids and Sphinx. This funding covers necessary equipment, machinery, and civil works. The loan is directed to OSL Entertainment Projects, a subsidiary of Orascom Investment Group, which is undertaking the development with the aim of transforming the site into a world-class cultural and entertainment destination.
Zawya
09-07-2025
- Automotive
- Zawya
Egypt's Sawiris to invest $100mln in motorbike electric conversion project in Morocco
Blu EV, an Egyptian electric mobility company owned by billionaire Naguib Sawiris, is preparing to enter the Moroccan market by the end of this year. The company, which specialises in electric conversion of fuel-powered motorcycles, aims to invest $100 million in the country. Blu EV co-founder and Chief Executive Officer Reda Baalbaki said the expansion into Morocco is part of a larger plan to grow gradually across MENA. The company also continues to expand within Egypt, aiming to provide affordable and eco-friendly two-wheeled transportation solutions. Blu EV was launched in 2023 and is chaired by prominent Egyptian businessman Naguib Sawiris. Sawiris invested $120 million in the company through a partnership with Orascom Investment Holding, a firm owned by the Sawiris family. Baalbaki explained that Blu EV currently operates in several Egyptian cities, including East Cairo, Alexandria, Ismailia, the North Coast, and El Gouna. It has already set up over 50 battery-swapping stations, with a focus this year on expanding further into Greater Cairo. The company plans to cover the rest of Egypt over the next five years. Morocco is home to two major car factories that have started producing electric or hybrid models for export. Last week, Renault Tangier celebrated the production of the 2,000th Mobilise DUO, the first fully electric four-wheeled vehicle made in Morocco. However, the local use of EVs remains low due to the high cost of electric cars and the limited number of charging stations. Most EV initiatives have focused on electric cars, with little attention to motorcycles, despite their widespread use in cities like Casablanca, Marrakech, and Fez. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Morocco World
08-07-2025
- Automotive
- Morocco World
Egypt's Blu EV Plans $100 Million Investment in Morocco's Electric Mobility Market
Rabat – Blu EV, an Egyptian electric mobility company backed by billionaire Naguib Sawiris, is preparing to enter the Moroccan market by the end of this year. The company, which specializes in converting motorcycles from gasoline to electric power, aims to invest $100 million in the country. Speaking to Asharq Business, Blu EV co-founder and Chief Executive Officer Reda Baalbaki said that the expansion into Morocco is part of a larger plan to grow gradually across North Africa and the Middle East. The company also continues to expand within Egypt, aiming to provide affordable and eco-friendly two-wheeled transportation solutions. Their electric bikes cost around 30% less to operate than traditional fuel-powered motorcycles, Baalbaki said, highlighting the company's focus on reducing pollution and offering low-cost mobility options. Blu EV was launched in 2023 and is chaired by prominent Egyptian businessman Naguib Sawiris. Sawiris invested $120 million in the company through a partnership with Orascom Investment Holding, a firm owned by the Sawiris family. Baalbaki explained that Blu EV currently operates in several Egyptian cities, including East Cairo, Alexandria, Ismailia, the North Coast, and El Gouna. It has already set up over 50 battery-swapping stations, with a focus this year on expanding further into Greater Cairo. The company plans to cover the rest of Egypt over the next five years. Blu EV's main service is converting regular motorcycles into electric ones by replacing the fuel engine with an electric motor. The company also manages a smart network of battery-swapping stations to support the use of these electric bikes. Morocco has taken several steps in recent years to support electric vehicles. The country has launched public charging stations in major cities and on highways, and local automakers have shown interest in producing EVs. In addition, Morocco is home to two major car factories that have started producing electric or hybrid models for export. Last week, Renault Tangier celebrated the production of the 2,000th Mobilize DUO, the first fully electric four-wheeled vehicle made in Morocco. However, the local use of EVs remains low due to the high cost of electric cars and the limited number of charging stations. Most EV initiatives have focused on electric cars, with little attention to motorcycles, despite their widespread use in cities like Casablanca, Marrakech, and Fez. Tags: EgyptElectric Vehiclesev
Daily News Egypt
07-07-2025
- Business
- Daily News Egypt
CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan
The Commercial International Bank (CIB) Egypt has signed a mid-term financing agreement worth EGP 963m with OSL for Entertainment Projects (OSL), a subsidiary of Orascom Investment Holding, to support the redevelopment of the sound and light show and surrounding exhibition areas at the Pyramids of Giza and the Sphinx. The financing will fund upgrades to the sound and light show's infrastructure, including state-of-the-art audiovisual systems, lighting technologies, and civil works. The project aims to reimagine the area as a world-class cultural and entertainment destination, with a new show designed to narrate the history of the pyramids using cutting-edge technology. It forms a key part of the Giza 2030 vision, which seeks to elevate the site's tourism appeal and enhance the overall visitor experience. The agreement was signed by Manal Abdel Hamid, CEO of OSL, and Soha Abou Zeid, Head of Institutional Relations and Direct Investment at CIB, in the presence of Naguib Sawiris, Chairperson of Orascom Investment Holding; Hisham Ezz Al-Arab, CEO and Board Member of CIB; Amr El-Ganainy, Deputy CEO and Board Member of CIB; and Marwan Hussein, CEO of Orascom Investment Holding, along with senior executives from CIB, Orascom, and OSL. Naguib Sawiris expressed his satisfaction with the partnership, stating: 'We are pleased to cooperate with CIB, one of our oldest financial partners, in supporting this cultural project. Orascom Investment aims to deliver a spectacular, 21st-century show that elevates service standards and embraces the latest technologies—transforming the site into a global entertainment hub that attracts repeat visits and reflects Egypt's cultural pride.' He also praised the close collaboration with CIB throughout the financing study and agreement process. Hisham Ezz Al-Arab said: 'We at CIB are proud to support this ambitious national project that embodies Egypt's cultural and civilisational heritage. Financing the Pyramids' sound and light show aligns with our strategy to back initiatives that drive economic development while promoting Egypt's tourism identity. Our partnership with OSL is a model for impactful collaboration in sustainable development.' CIB's support for the Giza Sound and Light Show reflects its broader commitment to projects that strengthen Egypt's cultural assets and enhance the tourism experience through improved infrastructure and expanded entertainment offerings. The collaboration also underscores CIB's role in supporting initiatives that integrate economic growth with national identity, delivering tangible social and economic benefits. As part of its long-term strategy, Orascom Investment Holding is undertaking a comprehensive transformation of the visitor experience at the Giza Plateau. Through its subsidiary Orascom Pyramids, the group recently held a soft opening of the site's redevelopment project, which seeks to modernise one of the world's most iconic archaeological destinations. The project includes streamlining traffic flow within the site to improve visitor movement, expanding parking areas for buses and private vehicles, and enhancing accessibility through dedicated spaces for people with disabilities. Additionally, the infrastructure is being upgraded to meet modern standards of comfort and safety. New electronic information points will guide and inform tourists, while licensed souvenir shops, cafés, and restaurants have been added to cater to visitor needs. Directional signage has been installed across the site to facilitate navigation, ensuring tourists can explore key landmarks with ease and confidence.
Gulf Business
20-06-2025
- Business
- Gulf Business
Naguib Sawiris on ORA Developers' UAE debut and vision behind Bayn
Images: Supplied ORA Developers has established a new UAE headquarters at One Central in Dubai's central business district, reinforcing its commitment to regional growth under the leadership of chairman and CEO Naguib Sawiris. The announcement coincides with the developer's UAE debut project: Bayn, a 4.8 million sqm beachfront master-planned community in Ghantoot. Featuring 1.2 km of natural Arabian Gulf coastline, more than 55 per cent open space, and a 15-minute city philosophy, Bayn aims to redefine coastal living between Dubai and Abu Dhabi. The developer has also made key appointments and plans to triple its UAE workforce by end-2025, leveraging its international expertise across Egypt, Cyprus, Greece, Pakistan, and the Caribbean to shape Bayn into a world-class lifestyle destination. In this interview, Sawiris shares the story behind Bayn, ORA's regional vision, and how global learnings are shaping the UAE's newest coastal city. Bayn marks ORA Developers' debut in the UAE. Why did you choose Ghantoot as the location for such a large-scale master-planned community, and what sets Bayn apart from other coastal developments in the region? Bayn marks ORA Developers' debut in the UAE, and Ghantoot stood out to us because it offers something increasingly rare: true natural beachfront, direct access to both Dubai and Abu Dhabi, and the ability to shape a destination from the ground up with long-term vision. Strategically located between UAE's two hubs, Bayn sits just 30 minutes from Dubai and 45 minutes from Abu Dhabi and near the upcoming Al Maktoum International Airport. This location gives it unique access to two major markets, future growth corridors, and tourism hubs like Yas Island and Palm Jebel Ali. But location alone doesn't define Bayn. Its 1.2km stretch of natural Arabian Gulf beachfront is a rare asset in a region where most coastal developments rely on reclaimed land. Bayn is built around a 15-minute city philosophy, where daily needs, nature, and leisure are all within easy reach. Over 55% of the masterplan is dedicated to open space, creating room for movement, connection, and wellbeing. We've also embedded green infrastructure into every layer of the project. Bayn is built to support clean energy, water-smart systems, and walkable mobility. Bayn is poised as an ideal first home beach community offering space, privacy, and a deeper sense of connection. From a 108,000sqm sports club to an integrated beach town and marina, every detail is crafted to provide a holistic lifestyle. In essence, Bayn redefines what a coastal or beach community can be. It's where city life meets beach living without compromise. The first phase of Bayn includes 464 villas and townhouses, with handover expected in 2028. Can you share more about your long-term vision for the development and how you see it evolving over the next decade? The first phase of Bayn, comprising 464 villas and townhouses across two gated clusters, is just the beginning of a much larger journey. The first phase sets the tone. So, we focus on creating a complete environment, not merely the building. That means prioritising key anchors like education, community spaces, hospitality, greenery alongside the first residential offerings. When people arrive, they need to feel like life can begin immediately. That early momentum builds trust with buyers, supports value appreciation, and gives the whole development long-term stability. We don't just launch with floorplans, we launch with a vision people can experience from the start. Our long-term vision is to transform Bayn into one of the UAE's most comprehensive and future-ready beach communities, one that evolves organically while staying rooted in liveability and design excellence. What sets this vision apart is our commitment to building a fully self-sustained destination, not a development that ends at the doorstep, but a lifestyle ecosystem that supports work, leisure, family, and wellbeing within a walkable, human-centric layout. More than 55 per cent of Bayn's land is dedicated to open space. How does this reflect ORA's design philosophy, and what role do sustainability and wellness play in shaping the community experience? Dedicating over 55 per cent of Bayn's land to open space is a direct reflection of ORA's design philosophy: build around people, not just property. For us, open space is not a luxury, it is fundamental to quality of life our residents will enjoy. We believe that true value in real estate comes from how a place makes people feel, move, and connect not just from square footage. At Sustainability measures are embedded at every level. Native greenery supports biodiversity and minimises water use. Building orientation and design maximise natural light and ventilation, reducing cooling demands. Solar-powered energy systems and smart water infrastructure ensure long-term environmental performance. Wellness, too, is approached holistically. From a 108,000 sqm sports club to car-free zones and active mobility trails, Bayn encourages balance, movement, and mental clarity. In contrast to developments that maximise buildable land at the expense of livability. ORA Developers has an expanding international footprint, with projects across Egypt, Pakistan, Cyprus, and now the UAE. How does your experience in diverse markets influence your approach to real estate development, and what lessons are you applying to the UAE market? ORA Developers' international portfolio spans Egypt, Pakistan, Cyprus, Grenada, Greece, Iraq, and now the UAE — covering over 76 million square meters and owns a portfolio of real estate products worth over $45bn. With a rapidly expanding global portfolio and a reputation built on design excellence and delivery, ORA's vision is to develop spaces that transcend architecture, delivering lifestyle destinations that are timeless, soulful, and rooted in harmony. With the UAE as its next frontier, ORA offers a promise: to deliver elevated living, grounded in purpose and made to last. What sets ORA apart is its ability to craft integrated destinations that blend residential, commercial, and hospitality elements into cohesive lifestyle ecosystems. The group's hospitality assets include Silversands Grand Anse and Silversands Beach House in Grenada, the Caribbean, an upcoming five-star hotel in Mykonos, in addition to other pipeline under development hospitality projects. Our strength lies in our ability to tailor globally successful models to fit local needs. Beyond real estate, you've been a prominent investor in telecoms, gold, and media. How does Bayn — and your broader investment in lifestyle developments — align with your personal investment philosophy and your view of regional economic trends? My investment philosophy is deeply rooted in a commitment to creating spaces that genuinely elevate the quality of life. I believe in identifying untapped potential in locations others may overlook, and in enhancing the natural character of the land rather than altering it. Beyond mere structures, we aim to build thriving communities that offer enriching experiences and foster a strong sense of belonging. As for the economic landscape of the Middle East, particularly here in the UAE, it presents a compelling opportunity for well-conceived lifestyle developments. The region's increasing affluence, coupled with ambitious government initiatives focused on enhancing city living and attracting global talent, fuels a significant demand for sophisticated residential offerings. People are seeking environments that not only meet their practical needs but also resonate with their aspirations for a high standard of living. Our investments in this sector are a direct response to this evolving market, aiming to contribute to the region's growth by creating landmark destinations that set new benchmarks for quality and design. My vision extends beyond mere financial returns. We are driven by the desire to leave a positive and enduring impact on the communities we create, building a legacy of innovation and excellence that will be associated with our name for generations to come. As a well-known advocate for private sector leadership in economic development, what role do you believe developments like Bayn can play in contributing to the UAE's broader economic diversification and Vision 2031? As a strong advocate for private sector leadership, I believe initiatives like Bayn are pivotal in reducing the UAE's reliance on oil and driving economic diversification — a cornerstone of Vision 2031's 'Forward Economy' pillar. The non-oil sector already accounts for 74.6 per cent of UAE's GDP in the first nine months of 2024, showcasing the nation's successful shift toward a more resilient economy. The UAE's Emiratisation programme, which saw over 131,000 citizens join the private sector by 2024, further exemplifies the growing contribution of the private sector to national development. Moreover, private sector investment drives innovation, fuels the introduction of new technologies and supports business models crucial for achieving UAE's ambition to become a global leader. With domestic credit to the private sector accounting for 66.59 per cent of GDP in 2022, the UAE's robust financial ecosystem is ready to support ambitious developments that contribute to the country's long-term goals. As a real estate developer, I believe projects like Bayn are crucial to fostering livability and creating sustainable environments central to Vision 2031. Bayn addresses the pressing need for well-designed communities that not only provide high-quality living spaces but also prioritize well-being and long-term resilience. Amid increasing city congestion in the region, Bayn offers a low-density, nature-integrated alternative that aligns with the UAE's Green Spine initiative and the broader goal of enhancing the quality of life for its residents. In essence, projects like Bayn are more than just real estate developments. They are vital components of the UAE's strategy to build sustainable, livable communities and drive forward the nation's ambitious economic transformation.
